San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up...

As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ with the implementation of Basel III liquidity standards. The mission reviewed the RBZ drafts of the LCR and NSFR frameworks, discussed identified material gaps with the BSD management and relevant supervisors, and provided...

The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled...

Brazil's financial markets are generally liquid and sophisticated. Brazil is blessed with a wide array of instruments which investors can use to manage and hedge interest rate and FX risks. The infrastructure supporting markets appears sound and is widely attributed by market participants to...

This paper examines the current state of nonperforming loans (NPLs) in Montenegro, assesses the regulatory and supervisory framework as well as the insolvency and creditor rights regime, and makes recommendations for strengthening the framework. The paper evaluates the legal, regulatory, and...

This paper discusses Morocco's Ex Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line (PLL) Arrangement. The case of Morocco demonstrated that with strong ownership, parsimonious conditionality can be effective in delivering on program commitments. The PLL...

This paper discusses Morocco's Second Review Under the Arrangement Under the Precautionary and Liquidity Line (PLL). Growth prospects for 2017 have improved, but nonagricultural growth is subdued. The current account deficit is projected to decline and international reserves are at a comfortable...

This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of insolvency and creditor rights. The regime for creditor and debtor rights largely conforms to international best practices. With respect to creditor and debtor...

This paper discusses Morocco's Third Review Under the Arrangement Under the Precautionary and Liquidity Line (PLL). Morocco's economic fundamentals and policy frameworks are sound, the country is implementing generally sound policies, and remains committed to maintaining such policies in the...